Lydian founder sells North Palm Beach manse for $475,000 loss

Lydian Private Bank founder Rory Brown this month sold his Palm Beach County house for a loss and has moved to South Carolina, according to property records.

Brown paid $5 million in 2007 for an 11,000-square-foot manse in an unincorporated area near North Palm Beach. He sold the house for $4.525 million this month — the same month that two investors in failed Lydian Private Bank sued him in federal court and the Treasury Department’s Office of Inspector General faulted his leadership of the bank.

According to the deed, Brown has moved to a house near Charleston, S.C., that Zillow values at $2.1 million. Brown made a salary of $400,000 and a bonus of $585,836 in 2003, the only year that Lydian reported executive compensation. He owned 7.2 percent of the bank then.